Revenue Update on Patterson-UTI Energy(NASDAQ:PTEN)

Patterson-UTI Energy(NASDAQ:PTEN) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during Pre-market on Jul 28, 2016. Company reported revenue of $193.91M. Analysts estimated a revenue of $191.68M. Earnings per share were $-0.58. Analysts had estimated an EPS of $-0.63.

In a different note, On Jul 13, 2016, Citigroup said it Maintains its rating on Patterson-UTI Energy. In the research note, the firm Raises the price-target to $20.00 per share. The shares have been rated ‘Neutral’ by the firm. On Jul 11, 2016, Jefferies said it Upgrades its rating on Patterson-UTI Energy. In the research note, the firm Raises the price-target to $19.00 per share. The shares have been rated ‘Buy’ by the firm. On Jun 29, 2016, Simmons & Co. said it Upgrades its rating on Patterson-UTI Energy. The shares have been rated ‘Overweight’ by the firm. On Jun 1, 2016, Credit Suisse said it Downgrades its rating on Patterson-UTI Energy. In the research note, the firm Raises the price-target to $14.00 per share. The shares have been rated ‘Underperform’ by the firm. On May 2, 2016, GMP Securities said it Downgrades its rating on Patterson-UTI Energy. The shares have been rated ‘Hold’ by the firm.

Patterson-UTI Energy (PTEN) shares turned negative on Thursdays trading session with the shares closing down -0.05 points or -0.26% at a volume of 26,77,219. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $19.69. The peak price level was also seen at $19.69 while the days lowest was $18.93. Finally the shares closed at $19.32. The 52-week high of the shares is $22.12 while the 52-week low is $10.935. According to the latest information available, the market cap of the company is $2,847 M.

Patterson-UTI Energy Inc. owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling; Pressure Pumping and Oil and Natural Gas. The Company markets its contract drilling services to oil and natural gas operators in the continental United States and western and northern Canada. The Company’s Pressure Pumping segment provides pressure pumping services to oil and natural gas operators in Texas Southwest Region and the Appalachian region Northeast Region. The Company’s Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner. The Company’s oil and natural gas working interests are located in producing regions of Texas and New Mexico.

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